Abu Dhabi Islamic Bank Net Profit Up 2.3 Per Cent

Abu Dhabi Islamic Bank (ADIB) said on Wednesday its net profit for the fiscal second quarter rose 2.3 per cent on year to Dh322.6 million even as net revenue for the period declined 2.4 per cent from the corresponding quarter a year earlier to Dh888.6 million.

In a statement, ADIB said total credit provisions and impairments for the second quarter of 2012 were Dh186.6 million compared with Dh235.8 million in the same period a year earlier, a decrease of 20.9 per cent.

“Total credit provisions now amount to 6.1 per cent of gross customer financing assets and represent a pre-collateral non-performing coverage ratio of 74.3 per cent,” said ADIB.

The bank’s stock on the Abu Dhabi Securities Exchange fell 0.96 per cent yesterday to Dh3.10.

Gulfnews